"We are very optimistic with regard to developments in these regions and intend to further expand our position in the future. The bundling of forces now initiated will help us to increase our market presence and access to investment opportunities," says Anton Milner, CEO of ib vogt GmbH.

Deepak Verma, MD of nv vogt and future Regional Director of ib vogt India, says: "Both India and Southeast Asia have become regions of strategic importance for any global player in the solar industry and require a strong focus on the challenging requirements of each region. New segments and new opportunities are emerging every day. We are confident that we will be in an even stronger position to take advantage of these opportunities in the future with the now completed step and an increase in our resources and investments".

With immediate effect, the activities of ib vogt GmbH and nv vogt Singapore Pte. Ltd. in the Asian region will be bundled directly under the umbrella of the ib vogt brand. The companies plan to complete the formal acquisition of the joint venture founded in 2012 as a development platform for the Indian and Southeast Asian region in the 4th quarter of 2018.

German-based company ib vogt, advised by Netherlands-based company Solarfields, and HSH Nordbank successfully reached financial close over a EUR 41 million debt facility for a solar power plant. HSH Nordbank provides the non-recourse project financing for the 54.5 MWp Solarpark Scaldia, located in the municipalities of Borsele and Vlissingen in Zeeland, Netherlands. In 2016 the project received its SDE+ (Stimulation of Sustainable Energy Production) in the second competitive auction of that year. ib vogt acquired the project in February 2018 from the developer Solarpark Zeeland. Energization of the project is planned in Q3 of 2018, after which the output as well as Certificates of Origin (GvO) will be acquired by Engie under a 17-year Power Purchase Agreement (PPA).

With a capacity of 54.5 MWp the solar power plant will produce an average of 51.000 MWh clean energy per year, equivalent to the demand of more than 14.000 households. During its 30-years lifetime it will prevent over 738.000 t of CO2 emissions. Next to a number of wind turbines the plant will be built below a high-voltage line in a cable and pipeline corridor extending over 38 ha around the Sloehaven. The principal land owner North Sea Port, which operates the adjacent port, supported the development of the renewable energy project. 140.000 panels of the PV power plant will be arranged in an east-west direction to optimize land use, generation profile and therefore profitability.

“We are very pleased to have achieved this milestone in a very complex project that involves multiple stakeholders, land owners and municipalities. We would like to thank our partners for their efforts in reaching the financial close, that will result in the largest solar power plant in the Netherlands to date”, says Anton Milner, Managing Director of ib vogt GmbH.

“This financing underlines our competence to quickly familiarize ourselves with new markets and to consistently advance the expansion of our position”, says Lars Quandel, Director Energy & Infrastructure of HSH Nordbank.

The network operator has started construction of the grid connection in February, EPC contractor and owner ib vogt will commence construction of the plant in May, while also providing O&M services after commissioning of the plant. Solarfields Nederland will provide the technical and commercial asset management after commissioning. The projects output will help the Netherlands in their transition towards renewable energies and in meeting the target of 37 % for renewables in electricity consumption by 2020. 

About HSH Nordbank

HSH Nordbank – leading international financial partner in the field of renewable energies

As a leading financial partner, we have extensive knowledge and experience in the energy sector for over 30 years and have a clear focus on wind, solar and hydropower projects.

Our financing solutions are based on a deep understanding of our clients‘ business and the realization of their goals. We offer credit products for corporate banking, long-term project financing, liquidity management and risk management products.

“Following the successful construction and energisation of our 64 MWp Round 1 project in Egypt we are pleased to announce the commencement of the build-out of our next 3 plants in this series and are proud that these are the first of the Round 2 projects. We – together with our local partners – have demonstrated our strong capabilities to manage the complex issues in building these projects in Egypt, incorporating all stakeholder, local community and local specific requirements to deliver the projects. We would like to thank all of our partners, stakeholders, authorities and the community of Benban for their strong support and look forward to contributing to the success on the important Round 2 programme in Egypt.” says Anton Milner, Managing Director of ib vogt GmbH. 

Including the operational round one project our overall portfolio within the Benban solar development complex will total 230.6 MWp. At 1.8 GWp this solar power complex, located 650 km south of Cairo in the Aswan Governorate near the village of Benban, will be one of the world’s largest solar complexes and is a crucial part of Egypt’s plan to meet 20 per cent of its electricity demand through renewable energies by 2022.

The project partners – an international conglomerate consisting of ib vogt, Infinity Solar, Phoenix Energy and BPE Partners – achieved financial close at the end of October. Debt financing amounting to USD 146 Million was secured for these projects. For the “BSEP 50” and “MMID 30” installations financing has been provided by the European Bank for Reconstruction and Development (EBRD), the Dutch Development Bank (FMO) and the Green Climate Fund (GCF). The International Finance Corporation (IFC), the Asian Infrastructure Investment Bank (AIIB) and the CDC Group provided the financing for the “Phoenix 50” project.

ib vogt is acting as EPC and operation and maintenance (O&M) contractor for these projects.